Cloud Market Size
The Global Cloud Market is estimated to have reached around USD 373 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 202 billion by 2031. The market is growing at a CAGR of 23.9% during the forecast period 2024-2031. Virtualization technology is frequently used in cloud computing, enabling several users to use the same physical gear and resources while retaining separate virtual environments.
The need to manage services offered by numerous applications and the increasing number of apps have increased reliance on the cloud for automation and convenience of app development and management.
For instance, the iOS App Store, which debuted in 2008 with 500 apps, will offer customers roughly 2 million different apps to download by 2022. The telecoms and IT segment, which had the second-largest market share and had a CAGR of more than 25% in 2022, is the main driver of market expansion.
Market Summary
| Metrics | Details |
| CAGR | 23.9% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Type organization Size, End-User, Revenue Source, Distribution Channel and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Largest Share | Asia-Pacific |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Cloud Market Dynamics
The Increasing Demand For Cloud Services Across All Enterprise Levels
The cloud market is anticipated to expand quickly over the forecast period as cloud services become more specialized and businesses respond to customers' requests to fulfil the needs of their particular industries. Cost savings was one of the original driving forces.
Even if the initial investment in cloud migration yields a negative return on investment, the indirect cost savings for the IT department will still be realized when a company manages to fail hardware or maintenance compliance by forgoing software updates. With a monthly cost of USD 126 for cloud hosting services, Google Cloud Platform offers the most affordable choice out of all the major providers.
Growing Adoption Of Cloud Computing
Many benefits are offered to cloud customers, including not having to purchase hardware, network infrastructure or software licenses, which is especially beneficial for small and medium-sized businesses. The primary characteristics of cloud computing, including its low initial costs, quick implementation, customizable features and flexibility, are what are propelling the market's expansion.
Due to the cloud's accessibility, about 90% of social media firms' services are currently provided there. For instance, IBM has announced two new services named IBM CCE Migration Services and IBM CCE Deployment Services allowing businesses to move their apps and data to cloud computing.
Cloud Market Segmentation Analysis
The Global Cloud Market is segmented based on type of organization size, end-user, revenue-source, distribution channel and region.
The Rising Need Of Security In The Banking & Financial Sector
With a CAGR of more than 30% in 2022, the banking and finance sector held the greatest portion of the market. The global cloud market's expansion is greatly aided by the end-user segment known as BFSI (Banking, Financial Services and Insurance). The BFSI industry is constantly pressured to reduce costs while upholding strict security, compliance and operational efficiency standards.
By eliminating the need for substantial upfront investments in hardware, software and infrastructure, cloud services provide cost-effective solutions. With the pay-as-you-go concept, BFSI companies can expand resources as needed to avoid overprovisioning and cut total IT expenditures.
Cloud Market Geographical Share
The Rising Need of Safety In Asia-Pacific
Asia-Pacific is predicted to have the largest growth rate in the cloud market because of the region's diverse economies' quick expansion, the government's support for building IT infrastructure, the accessibility of technical people and the region's robust IT industry.
Microsoft has increased its investments in the Indian market due to its cloud business's growth over the past three years. The dominance of China is evident from the fact that the Asia-Pacific region accounts for 27% of the worldwide market capitalization value of the 70 largest digital platforms, with China accounting for about 22% of that share.
Cloud Market Companies
The major global players include Microsoft, oracle, IBM Corporation, Cisco Systems Inc., Google, SAP SE, Salesforce.com, Inc., Quickbase, Inc., ThoughtSpot, Inc and QlikTech International AB.
COVID-19 Impact on Cloud Market
The Global Cloud Market has been significantly impacted by the COVID-19 outbreak. Because of the epidemic, businesses embraced remote labor and digital operations more quickly. This hastened the growth of cloud technologies. To ensure business continuity organizations used cloud-based collaboration tools, video conferencing systems and remote access solutions. As a result of the growth in demand, more people are using and adopting cloud services.
AI Impact
The worldwide cloud market has been significantly impacted by artificial intelligence (AI), which is promoting innovation, efficiency and transformation in a number of different industries. Intelligent automation has been made possible by AI technologies like machine learning and natural language processing in cloud services.
Using AI-powered automation technologies can boost operational effectiveness and reduce costs for cloud service providers and customers by streamlining processes, automating repetitive tasks and allocating resources more efficiently.
Russia-Ukraine War Impact
The ongoing war between Russia and Ukraine has the potential to affect the global cloud industry in a number of ways. The conflict involving enterprises and cloud consumers brought concerns regarding data security and data sovereignty.
When keeping sensitive data in areas that are immediately impacted by a conflict or that are thought to have higher geopolitical risks organisations may become more circumspect. It might cause a change in preferences for hosting and storing data, which might have an effect on regional cloud service providers.
Key Developments
- Microsoft, a worldwide American technology company headquartered in Redmond, Washington, has announced updates to Azure Firewall for tracking traffic and identifying network issues on April 2023. Companies can use Azure Firewall, a cloud-native firewall as a service, to centrally monitor and log all of their traffic flows with the aid of a DevOps strategy.
- Oracle Corporation, a worldwide American company that specialises in computer technology with its main office in Austin, Texas, released the most recent changes to Oracle Cloud Customer Experience (CX) on February 10, 2022. Organisations can establish compelling loyalty programmes, quicken sales cycles and increase customer lifetime value with the aid of new Oracle sales, service and marketing innovations.
- The IBM cloud satellite was launched on May 9th, 2021 by the International Business Machines Corporation, a global technology company with its headquarters in Armonk, New York. It can set up and maintain OpenShift clusters everywhere for the purpose of creating container-based applications.
Why Purchase the Report?
- To visualize the Global Cloud Market segmentation based on type organization size, end-user, revenue-source, distribution channel and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of cloud market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The Global Cloud Market Report Would Provide Approximately 75 Tables, 83 Figures And 204 pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
